(TheNewswire)
Vancouver, British Columbia: GoldBasin Resources Corporation (the "Company" or "GoldBasin") – (TSX-V GXX, OTCQB: GXXFF) today provided anexploration update, which includes the announcement of a fully-funded3,000-meter (“m”) Q2 reverse-circulation (“RC”) drill programat the Company's 100%-owned Gold Basin oxide gold project innorthwestern Arizona (the " GoldBasin Project " or the " Project ").
Colin Smith, Chief Executive Officer of the Company,commented, "It is withgreat excitement that we announce the first drill program of 2024,which will focus on resource expansion and delineation at the GapZone, Stealth Deposit, and Cyclopic Deposit. Drilling in 2021-2023established Red Cloud and Stealth as at-surface, high-grade oxide goldsystems that remain open in all directions, with the interstitial600-meter-long Gap Zone returning near-surface intercepts last year,suggesting the presence of a contiguous 1.5-kilometer-long deposit.The ~30,000 meters of drilling Gold Basin has completed since 2020will support the maiden NI 43-101 oxide gold resource, to be releasedthis year."
Q2 2024 Resource Expansion RC DrillProgram
Two successful drill campaigns totaling 7,228 m wereconducted in 2023, largely focused on the Stealth–Gap–Red Cloudtrend. Thick intersections of shallow, high grade oxide goldmineralization were returned throughout the corridor, with the RedCloud target advancing to a bonafide at-surface high grade oxide golddeposit, located 600 m to the east-southeast of the outcroppingStealth Deposit. In addition, numerous auriferous intercepts weredrilled in the Gap, a sparsely drilled 600 m zone that separates theStealth and Red Cloud Deposits. These hits suggest the presence of acontiguous 1.5-kilometer-long oxide gold deposit throughout the fulltrend, which remains open along strike in both directions, and atdepth, and is strategically located 800 m southwest of the 1.7-km-longat-surface Cyclopic Deposit (Figure 1).
The first phase of 2024 RC drilling will total 3,000 mand commence in late April or Early May, with a focus on resourceexpansion and delineation at the Stealth–Gap–Red Cloud trend, andthe Cyclopic Deposit. Gold Basin intends on drilling the Gap Zone to a~50-meter hole or pierce point spacing, as well as testing open-endedmineralization at the adjacent deposits (Figure 1).
The Company has its full 5 acres of allowabledisturbance remaining and intends on using existing accesses tocomplete this round of drilling to best assess where to construct newroads for subsequent drilling in 2024.
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Figure 1: Q2 2024 RC drilltarget areas.
Geological Mapping andProspecting
A variable-scale geologic mapping and prospectingprogram is ongoing at the Gold Basin Project, focused on understandingthe structural geometry of and the controls on gold mineralization.The area of interest includes the main Cyclopic andStealth–Gap–Red Cloud trends, and highly prospective explorationground to the east and west of these oxide gold deposits, which hostsmultiple strong undrilled gold-in-soil anomalies. To date, a total of12 square kilometers have been mapped at a scale of 1:10,000, andwithin this region, the key zones of mineralization were mapped at ascale of 1:5,000, totaling approximately 5.5 square kilometers ofhigher resolution mapping to aid with resource definition andexpansion. A digital synthesis of the program is underway.
Ground Geophysics
Gold Basin conducted two ground gravity surveys in2023, focused on the Project’s center-of-mass which encompasses theCyclopic and Stealth–Gap–Red Cloud trends, as well as the highlyprospective undrilled ground to the east and northeast of Cyclopic.The Company intends on expanding coverage to the adjacent claimboundaries to further assess prospectivity of near-surface oxide goldsystems, buried porphyry centers and Iron Oxide Copper-Gold(“IOCG”) mineralization.
Multiple untested gravity high targets were identifiedfrom the 2023 surveys, including a coincident 3D magnetic-gravityanomaly located immediately east of the southern portion of Cyclopic.This target represents a characteristic geophysical signature of apotential IOCG or porphyry center, and warrantstesting in future exploration drill programs.
2024 Metallurgy
To date, the Company has conducted two rounds ofmetallurgical testwork at Kappes, Cassiday &Associates (“KCA”) in Reno, Nevada in 2021 and 2022 on compositesamples from the Cyclopic Deposit. Results to date demonstrate strongrecoveries that are akin to a broad range of operating heap-leachprojects in the southwestern USA, demonstrating that there are nometallurgical barriers to a heap-leach gold extraction operation atGold Basin.
Leach tests on samples from Cyclopic returned anaverage extraction of 72% gold and a maximum extraction of 86% gold,across the range of head grades and at varying depths and locations toensure representativeness. Results to date show a low sodium cyanideand reagent consumption, extremely lowpreg-robbing, and favorable agglomeration and compaction tests, withagglomerated samples passing percolation tests up to 100 metres dumpheight (KCA standard height recommendation is 40 metres).
The growing gold endowment and unconstrainedmineralized envelope present at the Stealth–Gap–Red Cloud trendwarrants an additional round of metallurgical testwork in 2024 toensure amenability to the current processing circuit. Gold Basinanticipates similar or improved results, based on the analogous styleof mineralization, host rocks, and higher-grade nature of theStealth–Gap–Red Cloud trend.
2024 Plan of Operations
The Company will initiate a Plan of Operations in 2024,to further derisk and advance the oxide gold deposits towardsdevelopment. Cedar Creek Associates, based in Ft. Collins, Colorado,has been engaged to quarterback this permitting initiative.
ABOUT GOLD BASIN RESOURCES CORPORATION
Gold Basin Resources Corporation isadvancing the 42 km 2 GoldBasin Project, located in the tier one mining jurisdiction of MohaveCounty, Arizona. Gold Basin is accessible year-round via a1.5-hour-drive on I-93 Highway southwest of Las Vegas, and high-powerelectrical lines from the Hoover Dam crosscut the southern Projectarea. The immediate focus of Gold Basin's highly experiencedtechnical team is to expand and delineate multiple at-surface oxidegold deposits and prove the project's district-scale potential. Forfurther information, please visit the Company's web site at: www.goldbasincorp.com .
On Behalf of the Board of Directors
Colin Smith
Chief Executive Officer
For further information, pleasecontact:
Colin Smith
Phone: 1-604-499-1820
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this news release.
FORWARD-LOOKING STATEMENTS:
This news release contains forward-looking statementsand forward-looking information (collectively, "forward lookingstatements") within the meaning of applicable Canadian and U.S.securities legislation, including the United States Private SecuritiesLitigation Reform Act of 1995. All statements, other than statementsof historical fact, included herein including, without limitation,future assay results from further programs, future plans for drillingat the Stealth Deposit, the Company's expectation that it will besuccessful in enacting its business plans, and the anticipatedbusiness plans and timing of future activities of the Company, areforward looking statements. Although the Company believes that suchstatements are reasonable, it can give no assurance that suchexpectations will prove to be correct. Forward-looking statements aretypically identified by words such as: "believes","will", "expects", "anticipates","intends", "estimates", "plans","may", "should", "potential","scheduled", or variations of such words and phrases andsimilar expressions, which, by their nature, refer to future events orresults that may, could, would, might or will occur or be taken orachieved. In making the forward-looking statements in this newsrelease, the Company has applied several material assumptions,including without limitation, that that there will be investorinterest in future financings, market fundamentals will result insustained precious metals demand and prices, the receipt of anynecessary permits, licenses and regulatory approvals in connectionwith the future exploration and development of the Company's projectsin a timely manner, the availability of financing on suitable termsfor the exploration and development of the Company's projects and theCompany's ability to comply with environmental, health and safetylaws. The Company cautions investors that any forward-lookingstatements by the Company are not guarantees of future results orperformance, and that actual results may differ materially from thosein forward-looking statements as a result of various factors,including, operating and technical difficulties in connection withmineral exploration and development activities, actual results ofexploration activities, the estimation or realization of mineralreserves and mineral resources, the inability of the Company to obtainthe necessary financing required to conduct its business and affairs,as currently contemplated, the timing and amount of estimated futureproduction, the costs of production, capital expenditures, the costsand timing of the development of new deposits, requirements foradditional capital, future prices of precious metals, changes ingeneral economic conditions, changes in the financial markets and inthe demand and market price for commodities, lack of investor interestin future financings, accidents, labour disputes and other risks ofthe mining industry, delays in obtaining governmental approvals,permits or financing or in the completion of development orconstruction activities, risks relating to epidemics or pandemics suchas COVID–19, including the impact of COVID–19 on the Company'sbusiness, financial condition and results of operations, changes inlaws, regulations and policies affecting mining operations, titledisputes, the inability of the Company to obtain any necessarypermits, consents, approvals or authorizations, including by the TSXVenture Exchange, the timing and possible outcome of any pendinglitigation, environmental issues and liabilities, and risks related tojoint venture operations, and other risks and uncertainties disclosedin the Company's latest Management's Discussion and Analysis and filedwith certain securities commissions in Canada. All of the Company'sCanadian public disclosure filings may be accessed via www.sedar.comand readers are urged to review these materials. Readers are cautionednot to place undue reliance on forward-looking statements. The Companyundertakes no obligation to update any of the forward-lookingstatements in this news release or incorporated by reference herein,except as otherwise required by law.
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